Nuveen’s proprietary impact framework for taxable fixed income strategies is aligned with the Green Bond Principles, requiring transparency and disclosure for labeled green bonds. We also encourage issuers of unlabeled green bonds and other thematic bonds classified under the impact framework to follow these best practices as much as possible. As market standards evolve, we will continue to engage issuers to increase transparency and disclosure over time.
We have been a pioneer in the green bond market since 2007. We also frequently invest in unlabeled green bonds, as long as they meet the environmental and/or social criteria for our proprietary impact framework. We are among the top 3 largest green bond investors in the market according to Bloomberg as of December 2019, holding over $3.4 billion in green bonds across the firm. Within the framework, the Renewable Energy & Climate Change and Natural Resources themes align well with both labeled and unlabeled green bond investment, while the Affordable Housing and Community & Economic Development themes align with social bond investment. In addition, we were represented on the initial Executive Committee of the Green Bond Principles, and have participated in standard-setting process of the Climate Bonds Initiative, S&P, and Moody's.